The Bureau of Consumer
Financial Protection (Bureau) issued this final rule to create
comprehensive consumer protections for prepaid accounts under Regulation E,
which implements the Electronic Fund Transfer Act; Regulation Z, which
implements the Truth in Lending Act; and the official interpretations to those
regulations. The final rule modifies general
Regulation E requirements to create tailored provisions governing disclosures,
limited liability and error resolution, and periodic statements, and adds new
requirements regarding the posting of account agreements. Additionally, the final rule regulates
overdraft credit features that may be offered in conjunction with prepaid
accounts. Subject to certain exceptions,
such credit features will be covered under Regulation Z where the credit
feature is offered by the prepaid account issuer, its affiliate, or its
business partner and credit can be accessed in the course of a transaction
conducted with a prepaid card.

On April 20, 2017, the Bureau issued a final rule to extend the Oct. 1, 2017 effective date of the prepaid accounts rule by six months, to April 1, 2018.

On Jan. 25, 2018, the Bureau issued a final rule modifying several aspects of the prepaid accounts rule and extending the overall effective date to April 1, 2019.